How to Save Money for your Travels

How to save money now

Make the decision to save money.  Make that decision now and keep with it.

  • Don’t say I’ll start saving tomorrow
How to Save Money for your Travels
How to Save Money for your Travels

How to Spend Less

They say to save money you need to spend less.  You need to make sure your expenses are less than the income that you receive.  If you spend more than you earn, you cannot save any money.

Take a moment and think how you can save money this week;

  • Do you really need to buy your coffee today?
  • Can you make your lunch today instead of buying it?
  • Do I really want that new pair of shoes or new outfit?
Another Latte?
Another Latte?

Saving money with a tight budget

How to save money on a tight budget is often asked by many. The important aspect here is making sure you have everything outlined in your budget.  This may make your budget tight, but you need to know where you stand.  Even if you only have a few dollars left over, at least that gives you a starting point to save.  While we’ll all love to have lots of money left over after the bills are paid, this is not a true reality for most people.

  • Start saving small amounts
  • And start saving now
  • A few cents and dollars here and there will start to add up
Budget and Save
Budget and Save

But first, you need to track your spending. Write your outgoings on paper, create a spreadsheet or use personal financial software. We use Pocketsmith which we have now been using for the past six months. While there is a free version you can use, we purchased the Premium Subscription.

Whether you use the free or paid subscription, it provides you at least six months prediction in your spending. So if you only have a couple of bank accounts and time of your hands, then we recommend you use the free option.

If you have multiple accounts and want to take advantage of the automatic bank feeds, subscribe to the Premium or Super options.

How to save money and pay off debt

While it’s important to pay off your debt, it’s also equally important to get into a good habit of saving money.  Yes, pay off your debts as fast as you can.  This will make you debt free quicker and no doubt save you some interest charges.  However, if you can start saving at the same time, it will help you achieve your goals quicker too.

Look at how much debt you are paying off and how much extra funds you have available.  Yes, extra funds should go towards paying off debt as much as possible.  However, we suggest you split the extra into two areas; paying of debt and saving money.  For example, if you have $20 extra this week, you can use $18 towards debt and $2 towards saving.

Start Your Savings Plan Now
Start Your Savings Plan Now

We suggest that you use at least 90% of your extra money paying off debt.  Then, use the other 10% to start saving.  Just a dollar or two on a regular basis will enable you to develop a good saving habit. This in turn, will increase your savings account.

Regular savings will help your savings account

Do you know how to save money each week or each month?  It can be very temping to buy something instead of putting that extra money into your savings account.  Once your wages have come into your account and your bills have been paid, transfer some money into your savings account immediately – don’t delay.

If you get paid weekly, deposit money into your savings account weekly.  Alternatively, if you get paid monthly transfer your savings monthly.  Another way of making sure you save is to set up an automatic transfer to your savings account.  Once set up, you don’t have to remember to transfer the money.  Additionally, you are less likely to notice it is gone from your account.

Add coins to your 'save money' plan
Add coins to your ‘save money’ plan

You can also save cash on a daily basis.  If you use cash, you will no doubt have some coins in your wallet.  At the end of each day, put these coins in a jar.  At the end of the month (or each week), bank them into your savings account.  They may only be a dollar or two, however it will add up.

How to save money cooking at home

Cooking at home can be less expensive then eating out.  While it can be very easy to buy lunch when working, it is also more expensive.  Take steps to make your lunch or cook your dinner at home.  This may take some planning so you know what to shop for, but it will save you money.

You may not want to eat at home all the time, however cutting down the number of times you eat out, will save you money.  If you buy lunch every day, start by making your lunch three times a week.  How many dinners do you buy during the week – reduce this and make your dinner at home.

Cooking and eating with friends
Cooking and eating with friends

Do you have friends who are also saving money?  Instead of going out as a group, what about preparing a meal together.  An evening with friends at someone’s home will be just as good as going out.

Have fun and still save your money

Do you know how to save money and have fun at the same time. Saving money is not about restricting your life.  Likewise, you shouldn’t have so much fun that you don’t save any money.  You will be able to find a balance between enjoying your life and maintaining your savings.  The whole point of saving money is to provide a benefit for you at some later stage.  So ensure you keep your goals in mind to encourage your saving habit.

If you have achieved your goal of saving for a holiday, you don’t have to spend the whole amount on your trip.  Saving money can mean not spending it all.  The part of saving money is knowing how you will spend it.  Saving money on holiday is equally as important as saving at home.  Always keep an eye of your spending and savings so you know where you’re at.

How to save money better

  1. Make the decision to start saving now
  2. Create your budget and stick to it
  3. Ensure your expenses are less than your income
  4. Start a savings account – only a few dollars a week is okay
  5. Make regular weekly or monthly transfers into your savings account
  6. Save money by eating in, not eating out
  7. Don’t restrict your life too much

There are many websites and blogs that can help you save money.  Spend time reading them and work out the ways that work best for you.  Here are some blogs to get you started.

For more info about On The Road Kiwis, please read our About Us page

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